ICICI Bank Q1 preview: Up to 13% YoY PAT growth seen, NII may rise by 5-8%
ICICI Bank is expected to report a net profit for the quarter ended June 30, 2024 in the range of Rs 10,441 crore — Rs 10,876 crore according to the estimates by four brokerages. The growth in April-June quarter profit after tax (PAT) could be between 8.1% and 12.7% on the year-on-year basis.
The net interest income (NII) for the reporting quarter is seen in the range of Rs 19,253 crore to Rs 19,700 crore which translates into an uptick of 5.2%-8% on the YoY basis.
The estimates have been given by Nomura, Kotak Institutional Equities, JM Financials and Yes Securities.
PAT estimates are most conservative in case of JM Financial at Rs 10,441 crore (8.2%) while Yes remains most bullish at Rs 10,876 crore, seeing a 12.7% YoY growth. As for NII in the said quarter, Nomura's figures remain most bullish at Rs 19,700 crore while JM's numbers are most conservative at Rs 19,253 crore.
On the sequential basis, PAT may be in the range between -2.6% and 1.6%, the estimates said. While Nomura sees PAT to remain flat on the QoQ basis, Kotak and JM see it decline to 2.6%. Yes Securities is the only one to have estimated a QoQ growth in PAT at 1.6%.
Higher cost of funds and slightly slower than average loan growth due to rise in cost of deposits outpacing yield on advances, could be headwinds denting numbers on a QoQ basis.
The company will announce its quarterly earnings on Saturday, July 27, 2024.
Here's what brokerages recommended:
Nomura
Japanese brokerage Nomura expects ICICI Bank to report a PAT of Rs 10,680 crore in
